China vice fin min says must increase fiscal support for the economy

Vice Finance Minister inn China:

• China fiscal policy to be stepped up to support the economy
• China will move to implement preferential tax, fee policies - ease tax burdens on small firms, household businesses
• China firms still face difficulties, need more support

I posted earlier on the PBOC injecting hefty sums into the banking system:

• For the week, net injection of a hefty 811 bn yuan. It appears to me this is the new administration (eg. new Premier Li Qiang) looking to boost the economy.

A couple of weeks ago the Bank cut RRR:

• PBOC announces cut to banks' reserve requirement ratio by 25 bps

Now this on fiscal support too.

The PMIs are all in expansion already while more support flows in:

• CNH jumps, PMIs come in better than expected for both manufacturing and services

China's new premier Li Qiang is leading the boosters

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aud will be a beneficiary